Group 1: Consumption and Economic Growth - The consumption sector is experiencing a revival, driven by the "holiday economy," with 314 million domestic trips taken during the May Day holiday, a 6.4% increase year-on-year, and total spending reaching 180.27 billion yuan, up 8.0% [3][4] - Various regions are implementing policies to boost consumption, such as Guangdong's consumption promotion plan and Hunan's 2025 implementation plan, enhancing consumer vitality [4][7] Group 2: Agricultural Production - The summer grain harvest is progressing well, with 70.05 million acres of wheat harvested by May 26, and the use of machinery has significantly improved efficiency in harvesting [8][10] - Some regions are facing drought conditions affecting summer grain production, prompting proactive measures to ensure a successful harvest [10] Group 3: Employment Opportunities - Various initiatives are being launched to enhance employment services, including the "Million Talents Gathering" program and the introduction of flexible job models like "Mom Jobs" in Shandong, which has created over 18,000 positions [11][12][15] - The government is focusing on improving job matching and providing targeted training to support job seekers [15][17] Group 4: Urban Renewal - Urban renewal projects are being actively pursued, with Shanghai's recent initiatives showcasing a blend of historical preservation and modern functionality [18][20] - The central government has outlined a roadmap for urban renewal, emphasizing the need for balanced development and improved living conditions [20][23]

【1】海南推20条措施支持城市更新 5月28日，海南省人民政府办公厅公布《关于支持实施城市更新行动若干政策措施》(以下简称《措 施》)，为城市更新工作提供政策指引。 5月28日，中梁控股发布公告，就2027年到期5%优先票据及2027年到期3%可换股债券的同意征求进行 了披露。 据悉，该政策措施一共五大类20条：从增强规划引领作用、完善土地供给保障，到创新项目监管模式、 强化资金多渠道保障等，形成一条完整的城市更新行动的"保障体系"；具体到每条政策措施，还包括容 积率的奖补、地下空间的利用，以及"边角地""夹心地"等零星地块的供地方式等。 【2】深圳发布配售型保障性住房征求意见 【4】福建省发布提振消费专项行动实施方案 5月28日，福建省人民政府办公厅发布《关于印发福建省提振消费专项行动实施方案的通知》（以下简 称《实施方案》）。据悉，《实施方案》共包含7个部分，30条政策举措，涉及就业增收、居民减负、 服务消费提质惠民、大宗消费更新升级、消费品质提升、消费环境改善以及限制措施清理优化等多个方 面。 其中，第四部分"实施大宗消费更新升级行动"聚焦于住房和汽车消费，提出推广"房票安置""共有产 权"购房、住房" ...

Core Insights - Guangzhou is actively implementing urban renewal actions to enhance living conditions, stimulate economic growth, and showcase cultural charm, aiming for high-quality revitalization of old cities [1][8] Group 1: Policy and Framework - Guangzhou's urban renewal efforts are guided by innovative policies, including the establishment of a "1+N+X" policy system for urban village renovation and a "1+N" policy for old residential area upgrades [2] - The city has introduced the first local regulations for urban village renovation in the country, focusing on systematic planning and preventing large-scale demolitions [2] - A multi-participant mechanism has been established to encourage public involvement and attract social capital for urban renewal projects [2] Group 2: Improvement of Living Environment - The urban renewal initiatives prioritize public service resource allocation, addressing deficiencies in basic services such as water, electricity, and roads [3] - Significant achievements include the completion of 3,126 kilometers of "three-line" rectification, installation of over 100,000 fire safety facilities, and the addition of 1,371 community green spaces [3] - Specific projects, such as the renovation in the Yuexiu District, have focused on infrastructure improvements and community service enhancements [3] Group 3: Economic Development - Urban renewal is closely linked to the development of a modern industrial system, promoting industrial transformation and upgrading [5] - Projects like the Yongqingfang renovation have successfully integrated various business models, fostering cultural and industrial growth [5] - Policies have been implemented to retain, transform, and attract industries, with a focus on nurturing traditional industries and developing new ones [5] Group 4: Cultural Heritage Preservation - The urban renewal strategy emphasizes the importance of historical and cultural resource preservation, integrating cultural heritage into the renewal process [7] - Initiatives have been launched to protect and restore historical buildings, with 740 cultural relics preserved across a total area of 280,000 square meters [7] - Projects like the renovation of the old Nanhai County community highlight the commitment to maintaining cultural identity while modernizing urban spaces [7]

Core Viewpoint - The Hainan Provincial Government has introduced a set of policy measures to support urban renewal, emphasizing the importance of providing housing solutions for displaced residents and optimizing land use for urban development [1][2]. Group 1: Urban Renewal Policies - The measures allow for housing vouchers or "purchase instead of construction" methods to accommodate displaced residents, encouraging the acquisition of commercial housing for urban village redevelopment [1][2]. - Cities and counties are encouraged to create detailed planning for urban renewal based on actual needs, using a layered approach to planning [1]. - The calculation rules for floor area ratio (FAR) have been optimized, allowing for additional floor area as a reward for public infrastructure projects under 300 square meters, which do not count towards the FAR [1]. Group 2: Land Supply and Development - The policy optimizes land supply by allowing small, irregular plots of land (up to 10% of the total project area) to be supplied through allocation or agreement if they cannot be developed independently [1]. - There is a focus on transforming old factory areas while ensuring building quality and safety, encouraging the renovation and functional adjustment of existing legal factory buildings [1]. Group 3: Housing Quality and Investment - The measures support the construction of high-quality residential projects, promoting ecological and aesthetic design, and optimizing residential project FAR calculations to enhance living conditions [2]. - A multi-faceted financing mechanism is proposed to attract private enterprises and social capital into urban renewal projects, including partnerships and the establishment of urban renewal funds [2]. - The measures encourage eligible urban renewal projects to apply for Real Estate Investment Trusts (REITs) to facilitate investment [2].

Group 1 - The "Good House" strategy is accelerating urban renewal in China, focusing on upgrading old residential areas and improving living conditions [1][4] - The new national standard for residential projects, effective from May 1, emphasizes energy efficiency, accessibility, and modern design, marking a shift towards higher quality housing [2][4] - The housing industry is undergoing a transformation from large-scale expansion to high-quality development, with "Good House" becoming a key theme in the real estate market [4][5] Group 2 - The home improvement market is expected to see significant investment, with over 1.2 trillion yuan projected due to the renovation of old housing built before 2000, which accounts for 9% of total housing stock [5][6] - The introduction of the "Existing Residential Kitchen and Bathroom Renovation Technical Regulations" by the Jiumu brand aims to standardize and improve the renovation process, addressing quality and service issues in the home improvement sector [6] - Jiumu has launched a nationwide initiative to provide a one-stop service for bathroom renovations, addressing common consumer pain points such as long renovation times and lack of transparency [6]

来源：魔都财观 上周高层发了一个重磅文件，关于城市更新的。 规格很高，但市面上的讨论不多。 因为文件偏宏观，是顶层设计和方向性的，但对楼市、对城市，对我们的房子，其实影响深远，意义很大。 我仔细研究了下，帮大家找出几个重点。 不得不说，往后国内拆迁的节奏要变了。 上海这边，有自己的步伐，具体往下拉。 大拆大建的时代结束了 这个D级危房指承重结构承载力已无法满足正常使用要求，房屋整体出现险情，随时可能倒塌的房屋。包括地基沉降，结构变形，材料老化等可能危害生 命安全的房子。 实际上被鉴定为D级危房是相当困难的，之前哈尔滨私拆承重墙导致住户家中出现裂缝的高层住宅，最终的鉴定结果依然是"结构整体安全稳定"。 官方数据，我国城镇化率已经超过67%，9.4亿人生活在城镇。剩下的还生活在农村的，不少都是老人，不太可能搬到城市，所以城市化已经接近饱和。 城市发展思路也需要从"大拆大建"转向精细化运营，进入以存量为主的新阶段。 城市更新的路子在这个基础上也会发生变化。 国内拆迁的节奏也要放缓了 《意见》提出了八项主要任务，包括加强既有建筑改造利用，推进城镇老旧小区整治改造，开展完整社区建设，推进老旧街区、老旧厂区、城中村等更新 ...

Core Viewpoint - The central government has issued guidelines to promote urban renewal, emphasizing the importance of transforming urban villages as part of community development [3] Group 1: Urban Renewal Initiatives - Hangzhou is actively implementing urban village renovations and accelerating relocation housing projects, aiming to enhance living conditions for returning residents [4] - As of the end of April, Hangzhou has completed 2,674 relocation units, achieving a completion rate of 32% for the year [4] Group 2: Specific Projects and Developments - The Jingjia Yingyuexuan relocation housing project in Shangcheng District has successfully delivered 313 units to returning residents [4] - The Jinzeyuan project in Yuhang District has delivered 940 units, benefiting 535 returning families [4] - The final batch of residents in Dongxing Village, Tonglu County, has received their long-awaited housing [4] Group 3: Housing Features and Amenities - The Nanhuxin Garden project in Yuhang District features a total construction area of 86,134 square meters with 354 units, equipped with local amenities such as markets and schools, and is conveniently located near public transport [5] - The Jiangnan Block relocation housing in Xiaoshan District covers a total area of 985,000 square meters, consisting of 46 high-rise buildings and includes facilities like a kindergarten and ample parking [5] Group 4: Commitment to Quality and Safety - The city’s construction committee emphasizes the importance of not only quick relocation but also ensuring high-quality living conditions for residents, with a focus on safety, quality, and timely progress in construction [6]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 5 月 28 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：5月27日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1375 ...

Core Viewpoint - The recent release of two key documents regarding urban renewal and urban health assessments signifies a strategic push towards high-quality urban development in China, addressing urban issues and promoting economic growth through infrastructure upgrades and community improvements [1][5][15] Urban Renewal Definition - Urban renewal is likened to renovating an old house, involving upgrades to aging infrastructure and community facilities, such as the installation of elevators in old residential buildings and the modernization of drainage systems [3][5] - The integration of urban health assessments with urban renewal efforts is emphasized as a foundational step to identify and address urban issues effectively [3][5] Benefits of Urban Renewal - By the end of 2024, China's urbanization rate is projected to reach 67%, with 940 million people living in urban areas, highlighting the need for improved living conditions through urban renewal [5][6] - Urban infrastructure investments, particularly in urban pipeline construction, have seen direct investments exceeding 500 billion yuan, stimulating an additional 800 billion yuan in related investments, thus playing a crucial role in economic stability [5][15] Key Tasks and Focus Areas - The newly released policy outlines eight key tasks aimed at addressing urban development challenges, including ecological restoration, public service enhancement, and economic vitality stimulation [6][8] - Specific focus areas include the renovation of old residential areas and underground pipeline systems, with a cumulative total of 280,000 old residential units being renovated from 2019 to 2024, benefiting 48 million households [6][12] Community Development - The policy promotes the construction of complete communities, emphasizing the need for improved public service facilities to enhance residents' quality of life [8][11] - The transformation of old neighborhoods and industrial sites into vibrant community spaces is highlighted, with examples of successful projects that integrate modern amenities while preserving historical elements [11][14] Funding and Investment Mechanisms - The central government has allocated over 470 billion yuan since the 14th Five-Year Plan to support urban infrastructure projects, with plans for diversified funding mechanisms to ensure sustainable urban renewal [15] - The establishment of a multi-level funding system is crucial for the success of urban renewal projects, encouraging participation from various stakeholders [15]

Core Insights - The Shanghai government highlighted the achievements of the North Bund development after five years, emphasizing its rapid urban transformation and the pivotal role of Jin Mao as the key developer [1] - Jin Mao's recent introduction of the high-end "Pu Yuan" product line in the Ruihong New City area signifies a shift towards creating an international elite living environment [1][4] - The evolution of Ruihong New City reflects a three-act narrative in large community development, transitioning from initial modernization to a self-sufficient lifestyle hub, and now aiming for a breakthrough in product quality [3][4] Group 1: Development Achievements - The North Bund is characterized by unprecedented development intensity and speed, with Jin Mao being a significant contributor to this transformation [1] - Ruihong New City, after 30 years of development, is at a critical juncture, needing to elevate its product offerings to unlock true community value [3][4] - The competition for the "Pu Yuan" site among top developers indicates the area's potential to transform into a high-end living space, achieving a 38% premium in bidding [4] Group 2: Community Characteristics - Ruihong New City boasts a unique blend of unity and diversity, with a single developer ensuring a cohesive aesthetic while catering to varied lifestyle needs [6] - The area features extensive amenities, including quality communities, commercial spaces, schools, and parks, fostering a vibrant international community [6][7] - The future outlook for Ruihong New City is promising, with projected GDP growth and a rich cultural heritage enhancing its appeal [7] Group 3: Product Innovation - Jin Mao's "Pu" series products are designed to integrate cultural elements and modern living, aiming to redefine high-end residential experiences [11][13] - The "Pu Yuan" project is expected to incorporate advanced technology and innovative design, setting a new benchmark in residential development [13][15] - The project symbolizes a new era in living standards, enhancing the overall quality of life for residents in the area [15]